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SEOUL • Starbucks Coffee Company will sell the entire 50 per cent stake it owns in its South Korean venture to local partner E-Mart and Singapore sovereign wealth fund GIC, the United States coffee chain said on Monday.
Starbucks to exit South Korea venture, sell stake to E-Mart, GIC rappler.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rappler.com Daily Mail and Mail on Sunday newspapers.
This Oct. 27 file photo shows a sign at a Starbucks Coffee store in south Seattle. (AP Photo)
Starbucks Corp. said on Monday it will exit any direct ownership in South Korea, its fifth-largest market, selling the 50 percent stake it owns in a joint venture to local partner E-Mart Inc. and Singapore’s sovereign wealth fund, GIC.
E-Mart, which currently owns 50 percent of Starbucks Coffee Korea, said it would acquire an additional 17.5 percent stake that would be worth 474 billion won ($411.89 million).
That also suggests a $2.35 billion valuation for Starbucks Coffee Korea, Reuters calculations showed.
GIC will own the remaining 32.5 percent of the venture, Starbucks said.
Tuesday, 27 Jul 2021 12:35 PM MYT
The US coffee chain operates more than 1,500 stores across 78 cities in South Korea. ― Reuters pic
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SEOUL, July 27 Starbucks Corp said on Monday it will exit any direct ownership in South Korea, its fifth-largest market, selling the 50 per cent stake it owns in a joint venture to local partner E-Mart Inc and Singapore’s sovereign wealth fund, GIC.
E-Mart, which currently owns 50 per cent of Starbucks Coffee Korea, said it would acquire an additional 17.5 per cent stake that would be worth 474 billion won (RM1.7 billion).